Financial Development and Innovation: The Role of Market Structure<SUP/>

被引：0
|
作者：
Zhu, Xiaoyang [1 ]
Kim, Jaebeom [2 ]
机构：
[1] Wichita State Univ, Dept Econ, Wichita, KS 67260 USA
[2] Oklahoma State Univ, Dept Econ, Stillwater, OK USA
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2023年
关键词：
financial development; innovation; nonlinear effect; market competition; GROWTH; PRODUCTIVITY; INTERMEDIATION; COMPETITION; INVESTMENT; DEPENDENCE; BANKS; FIRMS; POWER;
D O I：
10.1111/jmcb.13125
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We assess how financial development affects innovation. For this purpose, we employ a unique Research Quotient data set from 1980 to 2018, and observe significant inverted-U effects of financial development on innovation for equity and credit markets. Specifically, the effects of the markets are sector-specific, implying that the inverted-U effect of the equity market on innovation is mainly driven by its diminishing effect on innovation in high-technology industries, while credit markets mostly affect innovation in non-high-technology industries. Regarding the mechanism, we posit that the inverted-U shape between finance and innovation may be explained by the disproportionate funds allocation-induced market concentration.
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页数：24
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